So if that's the case, then that particular event wouldn't be eligible for an experimental therapy in a study like this. There's one other element I didn't have in the

so if that's the case then that particular event wouldn't be eligible for an experimental therapy in a study like this there's one other element i didn't have in the


The thread design requires significantly fewer turns from stab to makeup than comparable connections and requires no stabbing guides, making it significantly easier to handle on a rig.

the thread design requires significantly fewer turns from stab to make-up than comparable connections and requires no stabbing guides making it significantly easier to handle on a rig


On average, rates were up modestly across the segment, other than Property, which is down a fair bit due to continued competition in this area.

on average rates were up modestly across the segment other than property which is down a fair bit due to continued competition in this area


We continue to work on improving our supply terms and conditions and our merchandising strategies in order to bring them in line with the market competitiveness and the economic conditions

we continue to work on improving our supply terms and conditions and our merchandising strategies in order to bring them in line with the market competitiveness and the economic conditions


which has the impact of reducing growth by roughly 1%. As previously stated, selling days generally do not have an impact on the performance of our capital businesses.

which has the impact of reducing growth by roughly 1% as previously stated selling days generally do not have an impact on the performance of our capital businesses


As a reminder, first quarter 2015 benefited from a tax consolidating adjustment that reversed itself during the course of last year.

as a reminder first quarter 2015 benefited from a tax consolidating adjustment that reversed itself during the course of last year


We continue to believe that we are well positioned to resume earning expansion later this year. And to give more detail on these items, I'd now like to turn it back to Dave.

we continue to believe that we are well positioned to resume earning expansion later this year and to give more detail on these items i'd now like to turn it back to dave


Multiples are higher, I think, in this space than generally seen in the industrial space, and so that becomes a factor.

multiples are higher i think in this space than generally seen in the industrial space and so that becomes a factor


the order performance in all 3 of those categories, as well as I think you suggested the backlog, was up at the end of the first quarter.

the order performance in all 3 of those categories as well as i think you suggested the backlog was up at the end of the first quarter


I would like also to update you on the progress of our cellular and fixed line businesses development as well as other business portfolio.

i would like also to update you on the progress of our cellular and fixed line businesses development as well as other business portfolio


There is a very realistic problem. Say, today, there is a way of gambling where you can take all the winnings

there is a very realistic problem say today there is a way of gambling where you can take all the winnings


For risks and uncertainties regarding our business and statements made on the call today as well as factors that may cause differences between current expectations and actual results,

for risks and uncertainties regarding our business and statements made on the call today as well as factors that may cause differences between current expectations and actual results


which are inherently subject to risks and uncertainty. The company does not assume the duty to update forward-looking statements. With that, I'll now turn the call over to Chuck Gordon.

which are inherently subject to risk and uncertainty the company does not assume the duty to update forward-looking statements with that i'll now turn the call over to chuck gordon


It is important to note that this is a consultation, and Ofgem is seeking comment from a wide variety of stakeholders to ensure the best outcome.

it is important to note that this is a consultation and offgem is seeking comment from a wide variety of stakeholders to ensure the best outcome


And what we believe the net result is that both our total addressable market, the market opportunity and our own higher level of growth and rising profitability

and what we believe the net result is that both our total addressable market the market opportunity and our own higher level of growth and rising profitability


We had record growth in our Games installed base, and the number of units sold was the highest since our acquisition of Multimedia Games.

we had record growth in our games installed base and the number of units sold was the highest since our acquisition of multimedia games


while we're seeing the continued weakness in the electronic industry in particular in Asia. And that composition of the business segment

while we've seen the continued weakness in the electronic industry in particular in asia and that composition of the business segments


versus 2016. We plan to reallocate and shift some of the internal resources towards faster, new exhibitor acquisition and new category expansion

versus 2016 we plan to reallocate and shift some of the internal resources towards faster new exhibitor acquisition and new category expansion


we can reflect on all of the diseases for which there are no available treatments and think about the new programs in our pipeline and the potential to offer hope


Our role is the leading worldwide designer and manufacturer of oilfield equipment with several important attributes with respect to long-term returns on capital for our shareholders.

our role as the leading worldwide designer and manufacturer of oilfield equipment both several important attributes with respect to long-term returns on capital for our shareholders


and what are the customers where we can create the most value? And then focusing on those customers and then working with the other customers to make sure that they're serviced properly,

and what are the customers where we can create the most value and then focusing on those customers and then working with the other customers to make sure that they're serviced properly


as a result of numerous factors, including general economic conditions in Honda's principal markets and foreign exchange rates between the Japanese yen and U.S. dollar,

as a result of numerous factors including general economic conditions in honda's principal markets and foreign exchange rates between the japanese yen and u s dollar


point solutions in the operations. So I think that we're now having these conversations and I think they've been enabled by the kind of access

point solutions in the operations so i think that we're now having these conversations and i think they've been enabled by kind of access to the


Also continuing to make progress on our whole data evaluation agreement with Nielsen as well as some other pretty interesting things that we're doing in the data space.

also continuing to make progress on our whole data evaluation agreement with nielsen as well as some other pretty interesting things that we're doing in the data space


We are committed to driving toward those targets. Now I have a few comments on our team, which is very talented and committed to this company.

we are committed to driving toward those targets now i have a few comments on our team which is very talented and committed to this company


As we approach year-end, we have significant momentum with respect to our key strategic initiatives, and we believe that the progress on reinsurance

as we approach year-end we have significant momentum with respect to our key strategic initiatives and we believe that the progress on reinsurance


But what this really means is that reliable, flexible natural gas facilities are absolutely necessary to back up wind and solar.

but what this really means is that reliable flexible natural gas facilities are absolutely necessary to back up wind and solar


responsible for the volatility was our exposure to Azoty last year. It

responsible for the volatility was our exposure to azulte last year it


That was my presentation regarding a solid H1 performance. I now give the floor back to Jean-Louis for some concluding remarks.

that was my presentation regarding a solid h1 performance i now give the floor back to jean-louis for some concluding remarks


As we entered Q4, we had to then get the growth engine back going, and it's not a switch you can just

as we entered q4 we had to then get the growth engine back going and it's not a switch you can just


It also has a lot of burdens. One, is that we must dividend out all of the earnings the company has made over its entire history,

it also has a lot of burdens one is that we must dividend out all of the earnings the company has made over its entire history


Downstream benefits from new project spend, market share gains with several new customers as well as a steady base of ongoing maintenance,

downstream benefits from new project spend market share gains with several new customers as well as a steady base of ongoing maintenance


As we typically do at the end of the third quarter, we are updating our guidance estimates to reflect these results as well as to include our expectations for the final quarter of the year.

as we typically do at the end of the third quarter we are updating our guidance estimate to reflect these results as well as to include our expectations for the final quarter of the year


On a year-to-date basis, life earnings are tracking better than both expectations and prior year, largely due to lower mortality costs and favorable investment income.

on a year-to-date basis life earnings are tracking better than both expectations and prior year largely due to lower mortality costs and favorable investment income


as well as the ability to refinance their loans at a lower interest rate, creating meaningful savings in their monthly loan payments.

as well as the ability to refinance their loans at a lower interest rate creating meaningful savings in their monthly loan payments


First, we generated a benefit of 11 percentage points from tax reform, as we are in a net deferred tax liability position and we wrote down those liabilities to the lower rates.

first we generated a benefit of 11 percentage points from tax reform as we are in a net deferred tax liability position and we wrote down those liabilities to the lower rates


So we think we're really well placed to work with some of these banks. Now each of them, as you can imagine, caution us that they don't move quickly when it comes to doing deals like this. So we are not

so we think we're really well placed to work with some of these banks now each of them as you can imagine caution us that they don't move quickly when it comes to doing deals like this so we are not


Increased demand for polymers in automotive and growth in consumer electronics and semiconductors drove the improvement in Asia Pacific,

increased demand for polymers in automotive and growth in consumer electronics and semiconductors drove the improvement in asia pacific


players in that space, you notice that they start with the platform, they develop their distribution capability and then they support that effort with more and more content.

players in that space you notice that they start with the platform they develop their distribution capability and then they support that effort with more and more content


Investors should not assume that the statements made during the call will remain operative at a later time, and the company undertakes no obligation to update any information discussed on the call.

investors should not assume that the statements made during the call will remain operative at a later time and the company undertakes no obligation to update any information discussed on the call


Well, integration has never been more strategic. So many of the CEOs I spoke with told me that data remains unlocked -- remains locked in their legacy systems

well integration has never been more strategic so many of the ceos i spoke with told me the data remains locked in their legacy systems


And as we initially put on wells that are more remote, we're trucking a lot of water. As we build out, have larger pads, we get more and more that's put on pipe.

and as we initially put on wells that are more remote we're trucking a lot of water as we build out have larger pads we get more and more that's put on pipe


investors have concern on and I'd like to take this opportunities to report to you all. And now, we'd like to open the floor and time to our

investors have concern on and i like to take these opportunities to report to you all and now we'd like to open the floor and time to our


Given the path and expected strength of the hurricane winds, there was no need to relocate any of the inmates and detainees across the 7 affected facilities.

given the path and expected strength of the hurricane winds there was no need to relocate any of the inmates and detainees across the 7 affected facilities


and the new St James's Gate Brewery and benefited from disposals. The weaker pound and continued growth of our business will lead to an increase in CapEx, so

and the new st james gate brewery and benefited from disposals the weaker pound and continued growth of our business will lead to an increase in capex


but also from a business model perspective, the financial profile of AVOD revenues is extremely appealing because it is less capital intensive,

but also from a business model perspective the financial profile of avod revenues is extremely appealing because it is less capital intensive


This is because, as you know, the bidding process has been adapted and is now penetrating in the market. The second reason is that

this is because as you know the bidding process has been adopted and is now penetrating in the market the second reason is that


We have and continue to leverage investments we have made in process and systems to increase the utilization of our resources and also maximize production capacities.

we have and continue to leverage investments we have made in process and systems to increase the utilization of our resources and also maximize production capacities


it's probably worth mentioning that we're not really changing the domestic utility growth rate from the utilities. What we've really changed and up the overall is

it's probably worth mentioning that we're not really changing the domestic utility growth rate from the utilities what we've really changed and up the overall is


and in which factory we can keep our production lines busy becomes defining points for our profitability,


Many of these strategic initiatives are already evident in the marketplace. Our design-to-value initiative is the latest that will soon be visible in stores.

many of these strategic initiatives are already evident in the marketplace our design to value initiative is the latest that will soon be visible in stores


The program will leverage the ways we use our customer data, automation and content to create exceptional engaging interactions with our customers.

the program will leverage the ways we use our customer data automation and content to create exceptional engaging interactions with our customers


but our business in Russia was never operationally involved with Renova, it was never run by Renova, it's run by us

but our business in russia was never operationally involved with renova it was never run by renova it's run by us


And looking out beyond that based on our forecast and what visibility we have in certain regions, we feel pretty good about the balance

and looking out beyond that based on our forecast and what visibility we have in certain regions we feel pretty good about the balance of the year


And we've also made some strategic investments, targeted strategic investments in things like the consolidation merger of PANalytical and Malvern,

and we've also made some strategic investments targeted strategic investments in things like the consolidation merger of panalytical and malvern


It's not just the way the business is run, but also how risk is managed and mitigated across the group.

it's not just the way the business is run but also how risk is managed and mitigated across the group


for your questions. Microphones are available. And it would be very helpful if you gave your name and the name of the organization you're representing.

for your questions microphones are available and it would be very helpful if you gave your name and the name of the organization you're representing


might be inclined to take an exit of a nice company where you otherwise wouldn't want to when we really want to remove any incentive from having to

might be inclined to take an exit of a nice company where you otherwise wouldn't want to and we really want to remove any incentive from having to


We've completed multiple new business deals, renewed several partnerships, and we have a robust pipeline of activity that we're focused on executing.

we've completed multiple new business deals renewed several partnerships and we have a robust pipeline of activity that we're focused on executing


they might not have a dramatic impact. But if they think they're going to last for a long time and you see a scarcity of a resource, I mean, you know how that one will play out.

they might not have the dramatic impact but if they think they're going to last for a long time and you see a scarcity of a resource i mean you know how that one will play out


have both delivered strong performance since we acquired them last year, and both have made significant contributions to the execution of our balanced growth strategy.

have both delivered strong performance since we acquired them last year and both have made significant contributions to the execution of our balanced growth strategy


So if we look back a year or 2, we had a much larger portfolio of preferred shares and common shares, which don't qualify as high-quality liquid assets, so there is

so if we look back a year or two we had a much larger portfolio of preferred shares and common shares which don't qualify as high-quality liquid assets so there is


So you have states where you have huge opportunity in ambulatory care. And you have states and, in some cases, whole regions, where you have almost none.

so you have states where you have huge opportunity in ambulatory care and you have states and in some cases whole regions where you have almost none


we are responding to those changes in demand, but overall, we expect our unit revenue to continue to grow in the second half.

we're responding to those changes in demand but overall we expect our unit revenue to continue to grow in the second half


We keep our focus in managing our customer base using more and more analytic tools toward profiling our clients even better.

we keep our focus in managing our customer base using more and more analytic tools to help profiling our clients even better


During the second quarter, we introduced a new brand of cosmetics, NYX, exclusive to our network and very popular with the younger clientele.

during the second quarter we introduced a new brand of cosmetics nix exclusive to our network and very popular with the younger clientele


A replay of this call will be available via the other number noted in the press release and will also be available on our website following today's presentation.

a replay of this call will be available via the other number noted in the press release and will also be available on our website following today's presentation


Group strength primarily came from corporate group, which was up 35%. This is particularly encouraging as we think about group business going forward

group strength primarily came from corporate group which was up 35% this is particularly encouraging as we think about group business going forward


With regard to investments, we will not follow a fixed plan, but we'll execute investments and shareholder returns within the scope of the cash we create,

with regard to investments we will not follow a fixed plan but will execute investments and shareholder returns within the scope of the cash we create


They've obviously improved quite a bit this quarter and which is very encouraging. And I guess, I was wondering what are your views are on driving margin leverage going forward?

they've obviously improved quite a bit this quarter and -- which is very encouraging and i guess i was wondering what your views were on driving margin leverage going forward


As we transform the capital structure, we will have the opportunity to utilize our liquidity on projects with highly accretive returns within our portfolio.

as we transform the capital structure we will have the opportunity to utilize our liquidity on projects with highly accretive returns within our portfolio


We've been a little bit concerned about some weakness on that side of things coming into the end of 2015, but the strength of

we've been a little bit concerned about some weakness on that side of things coming into the end of 2015 but the strength of


and that could have been worth billions of dollars. And so when you put those 2 together, we think we've been more than fair in offering a very good

and that could have been worth billions of dollars and so when you put those 2 together we think we've been more than fair in offering a very good


Although second quarter production numbers were strong, we believe our third quarter production growth to be even better.

while those second quarter production numbers were strong we believe our third quarter production growth to be even better


And you said earlier that you're slowing down the transition to that category. Is there a target you want to

and you said earlier that you're slowing down the transition to that category is there a target you want to


We saw the normal seasonal increase in utility costs in the third quarter, but this was partially offset by lower repair and maintenance expense.

we saw the normal seasonal increase in utility costs in the third quarter but this was partially offset by lower repair and maintenance expense


with the prepayments that we will draw down over time. In fact, this covers us for all of the cost of work planned at MD Anderson for the next 2 years

with the prepayments that we will draw down over time in fact this covers us for all of the cost of work planned at md anderson for the next 2 years


We are actually looking at a global strategy review on how we best set up ourselves.

we are actually looking at a global strategy review on how we best set up ourselves


chocolate center, one look at that one. That's what you have seen when coming up the stairs, that is what we are doing at the back here.

chocolate center one look at that one that's what you have seen when coming up the stairs that is what we are doing at the back here


As a reminder, this proposal is 900-plus pages and was published just this week, so our analysis is preliminary at this point.

as a reminder this proposal is 900-plus pages and was published just this week so our analysis is preliminary at this point


which contributed to a 13% increase in economic net interest income in 2018, along with meaningful gains as we continue to optimize our portfolio.

which contributed to a 13% increase in economic net interest income in 2018 along with meaningful gains as we continue to optimize our portfolio


While the pace of change remains uncertain, since the new year, we have seen renewed focus from both the administration and Congress and how the mortgage markets should be structured going forward.

while the pace of change remains uncertain since the new year we have seen renewed focus from both the administration and congress on how the mortgage market should be structured going forward


Our strong free cash flow allowed us to maintain adequate liquidity, our top priority for capital allocation in addition to funding our organic growth initiatives

our strong free cash flow allowed us to maintain adequate liquidity our top priority for capital allocation in addition to funding our organic growth initiatives


As Joe mentioned earlier, we deepened our partnership with Amazon through extending and expanding our aircraft lease and operating agreements in December.

as joe mentioned earlier we deepened our partnership with amazon through extending and expanding our aircraft lease and operating agreements in december


and enables the company to deliver innovative and differentiated solutions. WNS will continue to align our talent initiatives

and enables the company to deliver innovative and differentiated solutions wns will continue to align our talent initiatives


Okay. Can you break that out so we can actually see what the silica's growth is? Or when does fine chem sort of wash out of the numbers here?

okay can you break that out so we can actually see what the silica's growth is or when does fine chem sort of wash out of the numbers here


bit of a positive in terms of FX. We're also adjusting our corporate expense forecast, largely as a result of

a bit of a positive in terms of fx we're also adjusting our corporate expense forecast largely as a result of


I want to set the backdrop as I prepare to talk about 2016. Because even if you assumed an extreme case of 0% increase

i want to set the backdrop as i prepare to talk about 2016 because even if you assumed an extreme case of 0% increase


Just some context or color in terms of how you kind of got to the point where you're ready to at least contemplate potentially making a large transaction.

just some context or color in terms of how you kind of got to the point where you're ready to at least contemplate potentially making a large transaction


in the Industrial side or... That's a good question. I think we saw softening over the course of the quarter

the industrial side of the world it's a good question i think we saw softening over the course of the quarter


The strength of our franchises, the performance of the economies in which we operate and the positive impacts on the investments we have been making are reflected in our financial results.

the strength of our franchises the performance of the economies in which we operate and the positive impacts on the investments we have been making are reflected in our financial results


it's all about the people, and I think we are very well-positioned for success in just about every area in which we're dealing. So I want to thank you for joining us,

it's all about the people and we -- i think we are very well positioned for success in just about every area in which we're dealing so i want to thank you for joining us


A highlight of the holiday season was the strong performance of our whole fulfiller network in delivering to customers on time for Christmas.

a highlight of the holiday season was the strong performance of our whole fulfillment network in delivering to customers on time for christmas


Please refer to the GAAP versus non-GAAP reconciliations in our presentation, which contain the reconciliation of the adjusted financial measures to the most directly comparable GAAP measures.

please refer to the gaap versus non-gaap reconciliations in our presentation which contain the reconciliation of the adjusted financial measures to the most directly comparable gaap measures


in accordance with the amount of data actually used flat rate out of five tiers offered is automatically applied.

in accordance with the amount of data actually used flat rate out of 5 tiers offered is automatically applied


We have to switch the charts, no? Let's have a look into the operations. We had a very good start

we have to switch the charts let's have a look into the operations we had a very good start


And we also had one previously disclosed client transition, which was worth about 2 percentage points year-on-year, which was offset by net new business and client activity.

and we also had one previously disclosed client transition which was worth about 2 percentage points year-on-year which was offset by net new business and client activity


More broadly, UnitedHealthcare continues to deliver distinctive performance for customers and to drive consistent growth and share gains over time.

more broadly unitedhealthcare continues to deliver distinctive performance for customers and to drive consistent growth and share gains over time


We have already begun to see the benefits of this model, which is evident in the growth in deferred revenue from new customer agreements entered into during the quarter.

we have already begun to see the benefits of this model which is evident in the growth in deferred revenue from new customer agreements entered into during the quarter


We achieved that on assets that are in the bottom quartile of our portfolio with population densities and incomes that are significantly below our portfolio average.

we achieved that on assets that are in the bottom quartile of our portfolio with population densities and incomes that are significantly below our portfolio average


increasing. It just won't increase at the same rate that it has over the last year or so, John. And so we do expect the percentage of direct auto to continue and increase.

increasing it just won't increase at the same rate that it has over the last year or so john and so we do expect the percentage of direct auto to continue to increase


we thought there would be an opportunity to further extend institutional relationships that, that group had already developed, they came to the firm with revenue paying for themselves,

we thought there would be an opportunity to further extend institutional relationships that that group had already developed they came to the firm with revenue paying for themselves


I'll start with our corporate results on Slide 5. Overall, sales revenue decreased primarily due to lower selling prices, particularly in Chemical Intermediates.

i'll start with our corporate results on slide 5 overall sales revenue decreased primarily due to lower selling prices particularly in chemical intermediate


We've been able to offer a soot sensor product to our diesel passenger car customers to help their vehicles comply with increasingly stringent regulatory requirements over the life of the vehicle.

we have been able to offer a set sensor product to our diesel passenger car customers to help their vehicles comply with increasingly stringent regulatory requirements over the life of the vehicle


Ladies and gentlemen, the conference has now concluded. Thank you for attending today's presentation. You may now disconnect your lines.

ladies and gentlemen the conference has now concluded thank you for attending today's presentation you may now disconnect your lines


On our last call, I highlighted our focus on talent and our investment in providing our people with training and experiences to thrive in today's retail environment.

on our last call i highlighted our focus on talent and our investment in providing our people with training and experiences to thrive in today's retail environment


Having said this, it's important to remember, this growth rate varies dramatically between subsegments of the market between geographic regions and between the specific application sets.

having said this it's important to remember this growth rate varies dramatically between subsegments of the market between geographic regions and between the specific application sets


At times in our prepared comments or in response to questions, we may offer additional metrics to provide greater insight to our business or our quarterly and annual results.

at times in our prepared comments or in response to questions we may offer additional metrics to provide greater insight to our business or our quarterly and annual results


brings with it quite good operating leverage, as I mentioned in the past. So in terms of the -- although the cargo business is a difficult business for

brings with it quite good operating leverage as i mentioned in the past so in terms of the -- although the cargo business is a difficult business for


the parent company has excess capital available to the bank as an additional source of strength that is not reflected in this number.

the parent company has excess capital available to the bank as an additional source of strength that is not reflected in these -- in this number


We track consolidations every month and we track who we are writing checks to as well, right? So we have a pretty good idea of what's going on

we track consolidations every month and we track who we are writing checks to as well right so we have pretty good idea of what's going on


so I think we have to execute and to demonstrate to them. So we have not yet engaged. We've had some cursory discussions with the agencies,

so i think we have to execute and to demonstrate to them so we have not yet engaged we've had some cursory discussions with the agencies


Ladies and gentlemen, this concludes today's conference. Thank you for your participation, and have a wonderful day. You may now disconnect.

ladies and gentlemen this concludes today's conference thank you for your participation and have a wonderful day you may now disconnect


I'll start today's call by walking through our financial results, and then Kevin will provide an operational update and our thoughts on 2017. We'll then open up the call to your questions.

i'll start today's call by walking through our financial results and then kevin will provide an operational update and our thoughts on 2017 we'll then open up the call to your questions


good work on that front. Hey, Barry, I was wondering if you might be able to chat a little bit more about some of the trends you are seeing with payers and how that might impact

good work on that front perry i was wondering if you might be able to chat a little bit more about some of the trends you're seeing with payers and how that might impact


maybe not to the magnitude that we saw during the third quarter, but is it reasonable to say that we should see an increase during the fourth quarter as well on the senior side?

maybe not to the magnitude that we saw during the third quarter but is it reasonable to say that we should see an increase during the fourth quarter as well on the senior side


Average prices in this segment were consistent with the prior year. Net sales growth as reported was offset by a 3% currency translation impact.

average prices in the segment were consistent with the prior year net sales growth as reported was offset by a 3% currency translation impact


they think is value for money rather than us telling them that this policy is great value for money, and you should really have it this way. And that's what we would like to

they think value for money rather than us telling them that this policy is great value for money and you should really have it this way and that's what we would like to


So hard to comment, because we're actually in the middle of discussions around a number of things. So -- but yes,

so hard to comment because we're actually in the middle of discussions around a number of things so -- but


However, and here is the big point, with hindsight, there is no doubt that the balance between investing in growing our customer numbers

however and here's the big point with hindsight there is no doubt that the balance between investing in growing our customer numbers


as we all know on the call, we had some issues last year with our guidance, I don't want to put our investors or our company in that situation again. So I think we're

as we all know on the call we had some issues last year with our guidance i don't want to put our investors or our company in that situation again so i think we're


We remain disciplined in our approach to expense management, recognizing the need to balance delivering in the short term while making the appropriate investments to drive long-term growth.

we remain disciplined in our approach to expense management recognizing the need to balance delivering in the short term while making the appropriate investments to drive long-term growth


we believe end markets bottomed in 2016 and we saw solid sequential improvement through the first quarter, which we attributed half to market and half to share gains.

we believe end markets bottomed in 2016 and we saw solid sequential improvement through the first quarter which we attributed half to market and half to share gains


The project activity we are seeing is primarily related to capacity upgrades, productivity and de-bottlenecking with very little greenfield activity.

the project activity we are seeing is primarily related to capacity upgrades productivity and debottlenecking with very little greenfield activity


With an allowance coverage of almost 200%, a strong credit history and excess capital, we believe we are well positioned should the economy decline

with an allowance coverage of almost 200% a strong credit history and excess capital we believe we are well positioned should the economy decline


about half of that increase -- and remember, this is just spend for the year. But about half of that increase is associated with those. The other half is really associated with

about half of that increase and remember this is just spend for the year but about half of that increase is associated with those the other half is really associated with


that this whole much more aggressive growth plan will turn us a much better position in the cash area. So we're hoping

that this whole much more aggressive growth plan will turn us a much better position in the cash area so we're hoping


as needed to ensure we can attract and retain the best talent for our brand. I think you asked a little bit about a go forward, too.

as needed to ensure we can attract and retain the best talent for our brand i think you asked a little bit about a go-forward too


And Mindy will speak about our global summer of impact campaign showing how we can be a powerful partner for health in people's lives all year long

and mindy will speak about our global summer of impact campaign showing how we can be a powerful partner for health in people's lives all year long


Looking at outlook for the coming quarter. I have to say that we debated a little bit internally on what to say. Ended up with this conclusion and saying that we are

looking at the outlook for the coming quarter i have to say that we debated a little bit internally on what to say ended up with this conclusion and saying that we are


if you think about the growth algorithm, you'll see about half the growth coming from new business and about half the growth coming from base business. That's been the history.

if you think about the growth algorithm you'll see about half the growth coming from new business and about half the growth coming from base business that's been the history


Our forecast is based on the number we are given by our customers. So at this point, we do not know what is the reason, but

our forecast is based on the number we are given by our customers so at this point we do not know what is the reason but


Rising well counts, longer laterals, growing number of frac stages and enhanced completion technologies meaningfully increase service intensity and the strain placed on completion equipment.

rising well counts longer laterals growing number of frac stages and enhanced completion technologies meaningfully increase service intensity and the strain placed on completion equipment


growing optimism for small business owners, it is important we see more sustainable trends and then the results manifest

growing optimism for small business owners it is important we see more sustainable trends and then the results manifest


Popcorn in 3 different tastes, and popcorn are naturally high on fiber and is probably the most healthy snack you can eat.

popcorn three different tastes and popcorn are naturally high on fiber and it's probably the most healthy snack you can eat


in their view about the currency, the more inclusive that they're going to want to make it, the more comprehensive it's going be, the closer it'll be to truly a total audience representation

in their view about the currency the more inclusive that they're going to want to make it the more comprehensive it's going to be the closer it will be to truly a total audience representation


Our strong third quarter results are a testament to our ability to execute and gain client adoption in this rapidly changing and increasingly complex marketplace. Let's take a look.

our strong third quarter results are a testament to our ability to execute and gain client adoption in this rapidly changing and increasingly complex marketplace let's take a look


We also experienced a lot of site change in the period as we completely dealerized the One Stop locations, while adding the SSG sites late in the quarter.

we also experienced a lot of site change in the period as we completely dealerized the one-stop locations while adding the ssg sites late in the quarter


If we take you to just as the run rate for the following quarters, we already arrive above year-over-year guidance. So could you give any comments on that because

if we take q2 just as a run rate for the following quarters we already arrive above your guidance so could you give any comments on that because


which was not unexpected. And if I take a positive away from it, we can see absolutely no argument with any of the facts that we provided,

which was not unexpected and if i take a positive away from it we can see absolutely no argument with any of the facts that we provided


We have changed. The environment has also changed. The difference between our products and competitor products

we have changed the environment has also changed the difference between our products and competitor products


The change to the sell-in revenue recognition model could result in higher volatility of Qsymia sales compared to those historically reported.

the change to the sell-in revenue recognition model could result in higher volatility of cusimia sales compared to those historically reported


Please note that the prepared remarks which will follow contain forward-looking statements and management may make additional forward-looking statements in response to your questions.

please note that the prepared remarks which will follow contain forward-looking statements and management may make additional forward-looking statements in response to your questions


As you know, a good portion of what we've been working on over the last several months has been a review of a number of things related to both our cancellation practices and the classification of our installer base.

as you know a good portion of what we've been working on over the last several months has been a review of a number of things related to both our cancellation practices and the classification of our installer base


and the more attractive we are to people for adoption. So honestly, our customers love what we're doing for them, and

and the more attractive we are to people for adoption so honestly our customers love what we're doing for them and


Now only a very small number of manufacturers in the industry are manufacturing with laminated panels. That's because the machinery to make them is very expensive.

now only a very small number of manufacturers in the industry are manufacturing with laminated panels that's because the machinery to make them is very expensive


We have learned that with a right partner, a license agreement can be extremely beneficial to the company, and we're going to be more proactive in seeking these types of deals moving forward.

we have learned that with the right partner a license agreement can be extremely beneficial to the company and we're going to be more proactive in seeking these types of deals moving forward


But at least we see a positive trend when compared to the numbers of the year before. And we also anticipate drops in interest rates

but at least we see a positive trend when compared to the members of the year before and we also anticipate drops in interest rates


Then we took the decision to commercialize Galafold on our own and have now built an organization of more than 600 total global employees,

then we took the decision to commercialize galafold on our own and have now built an organization of more than 600 total global employees


Indeed, Amicus strive every day to bridge these gaps through the commercialization and development of our portfolio of medicines for rare metabolic disorders

indeed amicus strives every day to bridge these gaps through the commercialization and development of our portfolio of medicines for rare metabolic disorders


in Greece, I think you said you were cautiously optimistic on the revenue outlook. Is there any reason why the OpEx can't keep falling

in greece i think you said you were cautiously optimistic on the revenue outlook is there any reason why the opex can't keep falling


please provide the safe harbor statement? Yes, sir. I want to take this opportunity to remind listeners that this call will contain forward-looking statements within the meaning

please provide the safe harbor statement yes sir i want to take this opportunity to remind listeners that this call will contain forward-looking statements within the meaning


I'd say, for the most part, we're looking at these auctions not just on the basis of what has been found so far and published but what our geologists think may also be there. So

i'd say for the most part we're looking at these auctions not just on the basis of what has been found so far and published but what our geologists think may also be there so


We believe organizations spend anywhere from 2 to 5x more on learning content than they spend on their learning management system.

we believe organizations spend anywhere from 2 to 5 times more on learning content than they spend on their learning management system


is there anything going on secularly that you're seeing as far as electronic payments versus cash payments?


you were talking about something volatile or we can see some forecast the benefits because of the solar projects.

we were talking about something volatile or we can see some forecast the benefits because of the solar project


in about 19,000 outlets. So that's a quick look at our operating company's achievements in the latest quarter and over the first 9 months of the year.

and about 19 000 outlets so that's a quick look at our operating company's achievements in the latest quarter and over the first 9 months of the year


Excluding the negative impact from the change in revenue recognition standard, second quarter EBITDA margin improvement of 90 basis points

excluding the negative impact from the change in revenue recognition standard second quarter ebitda margin improvement of 90 basis points


continues to grow with owners and locations where we have great strength with very little competition, to put it bluntly.

continues to grow with owners and locations where we have great strength with very little competition to put it bluntly


In addition, we see a sustained high level of demand in the pipeline of large civil works projects.

in addition we see a sustained high level of demand in the pipeline of large civil works projects


and we are comfortable that these vertical wells represent a high-graded group of wells that should deliver solid economic returns in today's gas price environment.


Finally, a brief comment on our evolving organization. First, we now have a full management team in place and we can feel the positive impact of this.

finally a brief comment on our evolving organization first we now have a full management team in place and we can feel the positive impact of this


is that something that shows operational gearing when you're growing at the levels that you're growing at now, and maybe you could allude to how big that is within the Products business, please?

is that something that shows operational gearing when you're growing at the levels that you're growing at now and maybe you could allude to how big that is within the products business please


listeners are cautioned that today's presentation and the responses to questions may contain forward-looking statements within the meaning of the safe harbor provision of the Canadian

listeners are cautioned that today's presentation and the responses to questions may contain forward-looking statements within the meanings of the safe harbor provision of the canadian


end of this year -- and that's the thing or the beginning of next, and that's the thing that we've got a target. That new display will be something that no one else is built.

end of this year and that's the thing or the beginning of next and that's the thing that we've got to target that new display will be something that no one else has built


reconcile those 2 different data points and where you're seeing leverage relative to maybe a quarter ago when you gave the initial guide?


And that's where we've got to get. So when I say, we've still got to make progress here, it's just not getting to steady state. It's maintaining it and getting the sentiment of the sales organization to shift

and that's where we've got to get so when i say we've still got to make progress here it's not just getting to steady state it's maintaining it and getting the sentiment of the sales organization to shift


and acknowledged there may be inequity in the way customers with on-site generation contribute to their share of fixed costs under the current system.

and acknowledge there may be an inequity in the way customers with on-site generation contribute to their share of fixed costs under the current system


I do want to remind you there are no silver bullets here when it comes to revenue growth, meaning any improvement in increasing the growth rate will take place over multiple years.

i do want to remind you there are no silver bullets here when it comes to revenue growth meaning any improvement in increasing the growth rate will take place over multiple years


These objectives include momentum in our revenue growth, discipline to drive margin improvement, minimize operating expenses and tightly manage our balance sheet.

these objectives include momentum in our revenue growth discipline to drive margin improvement minimize operating expenses and tightly manage our balance sheet


expanding our margins and the -- I guess, the support of our margins long term. And I would expect that we'll be able to continue to improve

expanding our margins and the -- i guess the support of our margins long term and i would expect that we'll be able to continue to improve


A careful read of the clinical literature makes clear the need for more effective, less invasive and lower total cost to treat solutions to many disease states.

a careful read of the clinical literature makes clear the need for more effective less invasive and lower total cost to treat solutions to many disease states


as compared to the cost of building new stores with high land and building cost or the payment of goodwill premiums to acquire new RV dealerships

as compared to the cost of building new stores with high land and building costs or the payment of goodwill premiums to acquire new rv dealerships


In the retail segment, we have significantly increased the number of the customers. In particular, we have reached 10 million free market power and gas customers in Italy.

in the retail segment we have significantly increased the number of free customers in particular we have reached 10 million free market power and gas customers in italy


in most major geographies. A number of markets where we have some of the largest businesses saw the effect of unique country-related shocks,

in most major geographies a number of markets where we have some of the largest businesses saw the effect of unique country-related shocks


an important part of whatever it is they do. Benioff obviously talking about it with regard to sales enablement and how you train salespeople.

an important part of whatever it is they do benioff obviously talking about it with regard to sales enablement and how you train salespeople


for a year. And some of the customers actually were with us for 2 years as they were part of our pilot group. So I think Michelle and the rest of the marketing team have done a good job

for a year and some of the customers actually were with us for 2 years as they were part of our pilot group so i think michelle and the rest of the marketing team have done a good job


Expectation is positive in terms of leverage. So we already see some kind of stability in our leverage at lower levels.

expectation is positive in terms of leverage so we already see some kind of stability in our leverage at lower levels


always with a question, how can we grow in the base coverage, but also how can we grow in the services around it? And the services question

always with a question how can we grow in the base coverage but also how can we grow in the services around it and the services question


It's also one of the fastest-growing markets in the world and one in which we have made changes, both in people and ways of working, to accelerate our performance.

it's also one of the fastest-growing markets in the world and one in which we have made changes both in people and ways of working to accelerate our performance


As we mentioned in our third quarter conference call, strong November sales benefited from higher promotional activity in the large-screen TV category.

as we mentioned in our third quarter conference call strong november sales benefited from higher promotional activity in the large-screen tv category


we have won major body camera contracts with our first 3 state patrols, which we believe was enabled knowing that we have a compatible in-car solution coming to market.

we have won major body camera contracts with our first 3 state patrols which we believe was enabled knowing that we have a compatible in-car solution coming to market


Okay, great. And in your prepared remarks, you mentioned signs of stabilization in terms of volumes at the largest client. Can you give us any

okay great and in your prepared remarks you mentioned signs of stabilization in terms of volumes at the largest client can you give us any


So again, paying down debt is the primary use of cash, but we would be open to other opportunities should they present themselves. But nothing imminent in the pipeline?

so again paying down debt is the primary use of cash but we would be open to other opportunities should they present themselves but nothing imminent in the pipeline


which we had anticipated. However, one of those programs terminated rather abruptly when our customer discovered a lot more inventory in the pipeline

which we had anticipated however one of those programs terminated rather abruptly when our customer discovered a lot more inventory in the pipeline


So we're pretty active in this situation. And what I would say is the decline in the value reflects the increase in the overall risk profile of our investments.

so we're pretty active in this situation and what i would say is the decline in the value reflects the increase in the overall risk profile of our investments


drive profits and cash flow in that regard. At the same time we were doing that, we made some changes in terms of our

to drive profits and cash flow in that regard at the same time we were doing that we made some changes in terms of our


So that's the reason for us saying what we're saying. We want to talk in general terms because any more details just

so that's the reason for us saying what we're saying we want to talk in general terms because any more details is


improve margins and generate strong free cash flow. I want to thank our global employees for their tireless work to make all this happen.

improve margins and generate strong free cash flow i want to thank our global employees for their tireless work to make all this happen


It's a subtle shift, but an important one to remind ourselves, investors and customers what our business strategy focuses on.

it's a subtle shift but an important one to remind ourselves investors and customers what our business strategy focuses on


in New York on June 7. And we'll be sending out the invitation for that soon. So if you would like to make sure you're on that invitation list, please e-mail

in new york on june 7 and we'll be sending out the invitation for that soon so if you would like to make sure you're on that invitation list please e-mail


with our strategy moving ourselves more in the technology range in the lower cost range and you'll be hearing more about the low cost range moving forward.

with our strategy moving ourselves more in the technology range and the lower cost range and you'll be hearing more about the low cost range moving forward


Starting with the Strat, we continue to believe that a thoughtful focus and disciplined reinvestment approach is necessary to realize the full value of its strong worldwide visitation,

starting with the strat we continue to believe that a thoughtful focused and disciplined reinvestment approach is necessary to realize the full value of its strong worldwide visitation


Right now, the problem is not the rates. The rates are getting to the level they have to be one step at a time according to the contract and all that.

right now the problem is not the rates the rates are getting to the level they have to be one step at a time according to the contract and all that


We believe we have a lot of work to do to make it an excellent hospitality experience for our guests who choose to order that way and for our guests who are in the Shack.

we believe we have a lot of work to do to make it an excellent hospitality experience for our guests who choose to order that way and for our guests who are in the shack


And we're making the most of the trend towards more commercial and industrial customers wanting to contract for the medium and, indeed, the longer term.

and we're making most of the trend towards more commercial and industrial customers wanting to contract for the medium and indeed the longer term


playing for the long game. How we are running our own show focused on American and not defining ourselves on others,

playing for the long game how we are running our own show focused on american and not defining ourselves on others


and again we're just -- we're just not seeing any indicators that there's any softening based on kind of those 3 big looks into the business.

and again we're just not seeing any indicators that there's any softening based on kind of those 3 big looks into the business


and better depth in categories we're trying to be famous for in both national and own brands. And we'll be launching our new brand positioning in mid-November,

and better depth in categories we're trying to be famous for in both national and owned brands and we'll be launching our new brand positioning in mid-november


This reflects both our payment of estimated cash taxes for the first and second quarter and increased working capital needs to support what is typically our highest quarterly sequential sales increase.

this reflects both our payment of estimated cash taxes for the first and second quarter and increased working capital needs to support what is typically our highest quarterly sequential sales increase


meaningful vertical go-to-market sales organizations. That enables us to have people who do nothing but think about those segments

meaningful vertical go-to-market sales organizations that enables us to have people who do nothing but think about those segments


from DPG. However, not wanting to rest on any of these accomplishments, we will continue our focused efforts to drive ongoing improvements throughout the business,

from dpg however not wanting to rest on any of these accomplishments we will continue our focused efforts to drive ongoing improvements throughout the business


and client response has been very positive. Site visits are accelerating and clients are beginning to place their first studies in the facility. As a result,

and client response has been very positive site visits are accelerating and clients are beginning to place their first studies in the facility as a result


And when you manage capital with that level of efficiency, you run a more efficient firm and that's the standard that we've applied here. And it turns out as we got into the weeds

and when you manage capital with that level of efficiency you run a more efficient firm and that's the standard that we've applied here and it turns out as we got into the weeds


such factors include those that have in the past and may in the future be identified in the company's SEC filings and other public announcements,

such factors include those that have in the past and may in the future be identified in the company's sec filings and other public announcements


which are subject to various risks and uncertainties outlined in the risk factors section of OFG's Securities and Exchange Commission filings.

which are subject to various risks and uncertainties outlined in the risk factors section of ofg securities and exchange commission filings


just gives us more time to respond. Ultimately, we're not going to beat the forward curve and we're all going to deal with it. And when I say, we all, the whole industry is going to deal with the new realities.

just gives us more time to respond ultimately we're not going to beat the forward curve and we're all going to deal with them when i say we all the whole industry is going to deal with the new realities


Unit revenue for the group was up 5.7% for the half, as the aviation industry took action to address rising fuel prices.

unit revenue for the group was up 5 7% for the half as the aviation industry took action to address rising fuel prices


But at this point in time I don't think -- I think that's what we can say at this point in time unless, Scott, you have any additional commentary here.

but at this point in time i don't think -- i think that's what we can say at this point in time unless scott you have any additional commentary here


Freight continues to go up with driver shortages, truck shortages, regulations that have been put in place on drivers as to how much they can drive

freight continues to go up with driver shortages truck shortages the regulations that have been put in place on drivers as to how much they can drive


We also made progress towards our goal to improve operating margins while navigating the impact of the implementation of the Goods and Services Tax,

we also made progress towards our goal to improve operating margins while navigating the impact of the implementation of the goods and services tax


a small deal you guys did there. But just efforts that are going on there in terms of hiring and what you think the next step is to expand in that market area.

a small deal you guys did there but just efforts that are going on there in terms of hiring and what you think the next step is to expand in that market area


Forward-looking statements are statements that include projections, expectations or beliefs about future events or results or otherwise, are not statements of historical fact.

forward-looking statements are statements that include projections expectations or beliefs about future events or results or otherwise are not statements of historical fact


has been contracted to pursue licensing and other strategic activities with regard to our preclinical and our clinical pipeline products


We will also run our plants at a higher capacity utilization to achieve the appropriate level of inventory to support 2017 growth objectives.

we will also run our plants at a higher capacity utilization to achieve the appropriate level of inventory to support 2017 growth objectives


And the one thing we're doing is that we are certainly playing the long game. And we have learned some massive lessons. And a lot of those lessons have been what Patrik spoke about with some of the vendor consolidation,

and the one thing we're doing is that we are certainly playing the long game and we have learned some massive lessons and a lot of those lessons have been what patrick spoke about with some of the vendor consolidation


We implemented plans early in the year to offset the impact of the rate reduction in Texas as well as unfavorable weather and lower sales growth.

we implemented plans early in the year to offset the impact of the rate reduction in texas as well as unfavorable weather and lower sales growth


I think the message has been pretty consistent on this, which is that we think the RVI assets are actually a good notch higher in quality than what we've been selling.

i think the message has been pretty consistent on this which is that we think the rvi assets are actually a good notch higher in quality than what we've been selling


And lastly, we are building our capabilities to support expansion of our business with various veteran, active military and other federal organizations.

and lastly we are building our capabilities to support expansion of our business with various veteran active military and other federal organizations


And in terms of the range, that really hasn't changed from where we were before. I mean, it will come down ultimately to

and in terms of the range that really hasn't changed from where we were before i mean it will come down ultimately to


in the Eurowings system. So that is something which is out of the question. And as you probably expect, I can't provide any more details on any other rumors.

in the euro system so that is something which is out of the question and as you probably expect i can't provide any more details on any other rumors


with a goal of outperforming industry from a growth point of view. That's our aim. Now we're obviously challenged by a short-term situation

with a goal of outperforming industry from a growth point of view that's our aim now we're obviously challenged by a short-term situation


These sales were executed in connection with our efforts to rebalance the investment portfolio subsequent to the impact of the segregated account's exit from rehabilitation

these sales were executed in connection with our efforts to rebalance the investment portfolio subsequent to the impact of the segregated accounts exit from rehabilitation


In my discussions with customers, they increasingly view our platform as a way to manage work across and outside of the enterprise.

in my discussions with customers they increasingly view our platform as a way to manage work across and outside of the enterprise


I mean this would be 8% growth if you consider the number of stores you mentioned. And these are all

i mean this would be 8% growth if you consider the number of stores you mentioned and these are all


We are developing key accounts, investing in targeted inventories and building out our parts and service capacity and capabilities to meet these growing needs.

we are developing key accounts investing in targeted inventories and building out our parts and service capacity and capabilities to meet these growing needs


and current market conditions, which are subject to significant risks and uncertainties as set forth in the Risk Factor section of our most recently filed annual report Form 10-K.

and current market conditions which are subject to significant risks and uncertainties as set forth in the risk factors section of our most recently filed annual report form 10-k


and we have seen a very good order intake and thereby also good visibility into a very strong fourth quarter that we currently are executing on.


Here, our ambition has been to get capital from the outside because we think the Media Solutions is strategic for our customers.

here our ambition has been to get capital from the outside because we think the media solutions is strategic for our customers


I look forward to hearing your questions about the results reported today. As this is an earnings call, we would like to focus on our first half performance

i look forward to hearing your questions about the results reported today as this is an earnings call we would like to focus on our first half performance


These events have traditionally been a catalyst for GME shares, and Mike Hogan has done some modeling of potential impact that he will share with you in his remarks.

these events have traditionally been a catalyst for gme shares and mike hogan has done some modeling of potential impact that he will share with you in his remarks


So now let me come back to cable for a minute. Big picture and strategically. Beginning on Slide 11. There is a lot on this page, but the message should be pretty clear.

so now let me come back to cable for a minute big picture and strategically beginning on slide 11 there is a lot on this page but the message should be pretty clear


Our advantage as the only provider who can offer a comprehensive solution for rapid quality control testing continues to resonate with our clients.

our advantage as the only provider who can offer a comprehensive solution for rapid quality control testing continues to resonate with our clients


Most of our industry customers have a shorter horizon of the future. And they can have that because

most of our industry customers have a shorter horizon of the future and they can have that because


A replay of this call will be archived on the company's website. Before we get started, during the course of this conference call, the company will make projections, or forward-looking statements, regarding future events,

a replay of this call will be archived on the company's website before we get started during the course of this conference call the company will make projections of forward-looking statements regarding future events


We're examining new and different ways to apply artificial intelligence and data analytics to streamline many of our internal functions and to improve on safety.

we're examining new and different ways to apply artificial intelligence and data analytics to streamline many of our internal functions and to improve on safety


a lot of the things that we've been working on and a lot of the things that we've been saying to our shareholders and discussing with our customers and the like.


We expect these and other actions to increase our operating leverage and to improve profitability as our sales trajectory increases.

we expect these and other actions to increase our operating leverage and to improve profitability as our sales trajectory increases


point between companies and the tax authorities in Brazil. We have internal reports

point between companies and the tax authorities in brazil we have internal reports


Is it mostly economics? Or do you think it's more relating to regulatory risks such as getting the licenses and so on and so forth. Okay.

is it mostly economics or do you think it's more relating to regulatory risks such as getting the licenses and so on and so forth


We are not, repeat, not marketing our retail assets, and we are not currently involved in any sales process in any refinery.

we are not repeat -- not marketing our retail assets and we are not currently involved in any sales process in a refinery


have you started to see a stabilization on that yet? And do you anticipate needing to retain the loans on the balance sheet if markets remain soft?

have you started to see a stabilization on that end yet and do you anticipate needing to retain the loans on the balance sheet if markets remain soft


compared to users from other platforms. And overall, Snapchat users played the game for twice as long as users acquired anywhere else.

compared to users from other platforms and overall snapchat users played the game for twice as long as users accounted anywhere else


Given the company's return to its historical focus on product, service and presentation rather than price,

given the company's return to its historical focus on product service and presentation rather than price


I think we've succeeded in building this foundation, and I expect to see our financial performance momentum grow in 2017. Now I'll hand it back to John.

i think we've succeeded in building this foundation and i expect to see our financial performance momentum grow in 2017 now i'll hand it back to john


kind of a money-losing contract for a few years because they weren't coming up with the volumes or if there's something you're able to change, so that you could protect the profitability of the contract even if there are lower volumes.

kind of money losing contract for a few years because they weren't coming up with the volumes or if there's something you're able to change so that you can protect the profitability of the contract even if there are lower volumes


It's really all of the above, right? It's we're working with the customers to understand the volume changes and then adjust our operations to meet those volume changes.

it's really all of the above right it's we're working with the customers to understand the volume changes and then adjust our operations to meet those volume changes


With peak client demand occurring in the first half of the year, our objective is to keep the staff utilized during the second half of the year when client demand is seasonally weaker.

with peak client demand occurring in the first half of the year our objective is to keep this staff utilized during the second half of the year when client demand is seasonally weaker


on top of that, I think you've indicated that the yield from renewing some of that book of business has been better than expected. Maybe some more color on that as well.

on top of that i think you've indicated that the yield from renewing some of that book of business has been better than expected maybe some more color on that as well


the increase in this expense resulted from the company achieving the maximum financial performance under the company's Long-Term Incentive Plan.

the increase in this expense resulted from the company achieving the maximum financial performance under the company's long-term incentive plan


When we meet in March, we intend to review how the parts of our company work together to provide a unique value to our clients, how we will use technology to drive our business forward,

when we meet in march we intend to review how the parts of our company work together to provide a unique value to our clients how we will use technology to drive our business forward


Africa performance was mixed with double-digit growth in Nigeria being partially offset by weakness in Africa Regional Markets and South Africa.

africa performance was mixed with double-digit growth in nigeria being partially offset by weakness in africa regional markets and south africa


Okay. And based on some of your conversations with some of this pull-forward in demand trying to get in front of the steel costs, at this point, is there any potential

okay and based on some of your conversations with some of this pull forward in demand trying to get in front of these steel costs at this point is there any potential


as well as a focus on improving manufacturing quality and right-first-time metrics to ensure we don't leak incremental profit dollars from poor operating execution.

as well as a focus on improving manufacturing quality and right first time metrics to ensure we don't leak incremental profit dollars from poor operating execution


our -- targeted because we clearly look on customers, which are not looking for the initial investment cost, but really rather on

our targeted because we clearly look on customers which are not looking for the initial investment cost but really rather on


So then the rest of the adjustment -- if you look at the rest of the adjustment for the second half of '17 in our forecast,

so then the rest of the adjustment if you look at the rest of the adjustment for the second half of '17 in our forecast


There does seem to be some overall firmness in the numbers. I mean, I don't think -- we're not seeing the wide gyrations that we saw in some of our internal forecasts

there does seem to be some overall firmness in the numbers i mean i don't think we're not seeing the wide gyrations that we saw in some of our internal forecasts


Our supply chain financing programs will allow vendors to be paid by financial intermediaries on trade payables earlier than the due date of the applicable invoice.

our supply chain financing programs allow vendors to be paid by financial intermediaries on trade payables earlier than the due date of the applicable invoices


In my opinion, the winners in the current environment are companies that focus on clients and make it easier for them to transact business,

in my opinion the winners in the current environment are companies that focus on clients and make it easier for them to transact business


recognition of revenues related to handsets transactions via direct channels such as our own shops and online.

recognition of revenues related to handset transactions via direct channels such as our own shops and online


This covers a population of an extra 800 million that we will have to build up step-by-step following the key success factors of India.

this covers a population of an extra 800 million that we will have to build up step by step following the key success factors of india


to remain open as a place of refuge for affected citizens as well as those who must remain in the area, such as first responders.

to remain open as a place of refuge for affected citizens as well as those who must remain in the area such as first responders


for our rental business in terms of CAT equipment but in general, your comments around may be coming to the end of the cycle on used versus new was probably pretty fair.

for our rental business in terms of cat equipment but in general your comment around maybe coming to that end of the cycle on used versus new is probably pretty fair


We bought the Liberty Banking Corporation in Arkansas, expanding our footprint throughout the state of Arkansas, doubled their profits in less than a year, in the best deal we have ever completed.

we bought the liberty banking corporation in arkansas expanding our footprint throughout the state of arkansas doubled their profits in less than a year and the best deal we've ever completed


A reconciliation of these measures is provided in the earnings press release issued this morning, which is also posted in the Investors section of our website.

a reconciliation of these measures is provided in the earnings press release issued this morning which is also posted in the investors section of our website


in a couple of areas, right? One is, to figure out how much of the benefit for banks of the Tax Reform Act

in a couple of areas right one is to figure out how much of the benefit for banks of the tax reform act


This means an emphasis on our healthcare customers and patients, the establishment of strategic healthcare relationships and partnerships with hospitals and payers

this means an emphasis on our health care customers and patients the establishment of strategic health care relationships and partnerships with hospitals and payers


but can you update us on your momentum of new awards, how you expect this to take shape given the refocusing around

but can you update us on your momentum of new awards how you expect this to take shape given the refocusing around


Our winter marketing campaign was our most globally coordinated and integrated to date and highlighted the freedom and flexibility of the Weight Watchers program

our winter marketing campaign was our most globally coordinated and integrated to date and highlighted the freedom and flexibility of the weight watchers program


who stay within because they want to continue the support of the community as well as being able to continue on their health journey.

who stay with them because they want to continue the support of the community as well as being able to continue on their health journey


We do feel and we do know that when families look to get healthier together, it works because they have support.

we do feel and we do know that when families look to get healthier together it works because they have support


Our people that are in -- companies that are actually in the non-residential infrastructure business are doing extremely well, much better than our company average.

our people that are in companies that are actually in the nonresidential infrastructure business are doing extremely well much better than our company average


And we see that in the terms of the deals we've negotiated with them, but we also see that in the way we talk with them about the

and we see that in the terms of the deals we've negotiated with them but we also see that in the way we talk with them about the


We are prudently reducing the risk profile of a number of our portfolios in response and waiting for more attractive opportunities to redeploy capital.

we are prudently reducing the risk profile of a number of our portfolios in response and waiting for more attractive opportunities to redeploy capital


in the construction world. They're going to be delivering products into the construction space. They're probably going to be one of the larger pre-fabricators out there

in the construction world they're going to be delivering products into the construction space they're probably going to be one of the larger prefabricators out there


Absolutely. And just to kind of play off of that, can you talk about what drove the additional strength in March? And then

absolutely and just to kind of play off of that can you talk about what drove the additional strength in march and then


certainly, we could sell the business in parts. As I said, we are exploring and have a whole range of strategic options in front of us and we'll continue to pursue all of those

certainly we could sell the business in parts as i said we are exploring and have a whole range of strategic options in front of us and we'll continue to pursue all of those


We continue to take cost out of our products and find new ways to add value through technology, with the integrated TIC being a prime example.

we continue to take cost out of our products and find new ways to add value through technology with the integrated tic being a prime example


And we'll keep you posted. And like I said, I'm optimistic that we'll be able to get this initiated by the end of the year, and we're doing everything we can to make that happen.

and we'll keep you posted and like i said i'm optimistic that we'll be able to get this initiated by the end of the year and we're doing everything we can to make that happen


but we do want to confirm an outlook of 8% to 10% organic revenue growth again next year, with an expectation

but we do want to confirm an outlook of 8% to 10% organic revenue growth again next year with an expectation


lower unit volumes, the favorable impact in the prior year from the lagged pass-through of decreases in resin costs and foreign currency transaction gains in the prior year.

lower unit volumes a favorable impact in the prior year from the lag pass-through of decreases in resin cost and foreign currency transaction gains in the prior year


Affordable housing represents a significant opportunity for Fleetwood, and the exclusive supply agreements with the 2 major operators are expected to contribute strong forward volume.

affordable housing represents a significant opportunity for fleetwood and the exclusive supply agreements with the 2 major operators are expected to contribute strong forward volume


Along with the discontinued operation that I'll speak about in a moment, the 3 business streams were previously grouped as one segment called Manufactured Accommodation.

and along with the discontinued operation that i'll speak about in a moment the 3 business streams were previously grouped as one segment called manufactured accommodation


in order to avoid dismissal. There's also the additional advertising by plaintiff attorneys as well as other factors. So all of those things are contributing to us receiving new information

in order to avoid dismissal there's also the additional advertising by plaintiff's attorneys as well as other factors so all of those things are contributing to us receiving new information


because we expect that we'll complete fewer acquisitions in the second quarter relative to the first quarter based on the acquisitions completed or agreed-upon to date.

because we expect that we'll complete fewer acquisitions in the second quarter relative to the first quarter based on the acquisitions completed or agreed upon to date


But I fully have confidence that our employees around the world are in the manufacturing facilities of our customers, talking to them about those challenges.

but i fully have confidence that our employees around the world are in the manufacturing facilities of our customers talking to them about those challenges


We won't see significant pricing actions in the fourth quarter from what's been taken in the first 3 quarters of the year. There will be

we won't see significant pricing actions in the fourth quarter from what's been taken in the first 3 quarters of the year there will be


In particular, we believe the drive toward local content by many national oil companies will prompt more local startups thereby expanding the market for equipment that NOV provides.

in particular we believe the drive toward local content by many national oil companies will prompt more local startups thereby expanding the market for equipment that nov provides


As a result, they made the decision to market imaging mass cytometry services using the Hyperion, and they launched with a number of new pharma contracts already in hand.

as a result they made the decision to market imaging mass cytometry services using the hyperion and they launched with a number of new pharma contracts already in hand


Despite the considerable political, regulatory, economic and social uncertainty we face over the coming quarters, we will not deviate from our strategy.

despite the considerable political regulatory economic and social uncertainty we face over the coming quarters we will not deviate from our strategy


total billings is no longer relevant in the assessment of our performance, and we will therefore no longer report or guide to total billings.

total billings is no longer relevant in the assessment of our performance and we will therefore no longer report or guide to total billings


This decline in services revenue should accelerate as we go through the year, with the third and fourth quarters seeing the steepest year-over-year decline.

this decline in services revenue should accelerate as we go through the year with the third and fourth quarters seeing the steepest year-over-year declines


With a focus on all of our shareholders, we are committed to consistently delivering strong financial results throughout the company.

with a focus on all of our shareholders we are committed to consistently delivering strong financial results throughout the company


and an accompanying corporate name change. We believe the decision to improve our company in this way was beneficial for many reasons, including lowering certain administrative expenses

and an accompanying corporate name change we believe the decision to improve our company in this way was beneficial for many reasons including lowering certain administrative expenses


What we continue to see going forward, our business is going to be sustainably larger. It's more diverse, less volatile, less cyclical than it's been in the past.

what we continue to see going forward our business is going to be sustainably larger it's more diverse less volatile less cyclical than it's been in the past


look at these loans that we've acquired and that we've marked, we're trying to do a scrub right now and just see what the long-term fit is of some of these clients, because if we're going to exit,

look at these loans that we've acquired and that we've marked we're trying to do a scrub right now and just see what the long-term fit is of some of these clients because if we're going to exit


in their launch process and as a result more valuable for rapidly improving quality and containment from the first part produced.


In closing, I'd like to reiterate the high degree of confidence and visibility we have in the business as we look out over the next 4 to 5 years.

in closing i'd like to reiterate the high degree of confidence and visibility we have in the business as we look out over the next 4 to 5 years


does the delay in ongoing investment impact the ability to get value for the same dollar out of the field?


you got hydrocarbons in every zone that you go through. So can you just talk a bit more about what's driving these bits that you've colored in? Is this areas that have had

you got hydrocarbons in every zone that you go through so can you just talk a bit more about what's driving these bits that you've colored in is this areas that have had


up from about 50 when we acquired it less than 2 years ago. Marseille is an excellent example of how our communities of interest develop.

up from about 50 when we acquired it less than 2 years ago marseille is an excellent example of our communities of interest development


As a reminder, revenue per req is not a proxy for price. It includes a number of variables such as unit price variation, business mix,

as a reminder revenue per rec is not a proxy for price it includes a number of variables such as unit price variation business mix


there's a lot of growth going on. If we look at life business, the number of customers will fall a bit before it begins to grow again.

there's a lot of growth going on if we look at life business the number of customers will fall a bit before it begins to grow again


It is a good sign of improvement of the world economy, but it is also linked to the impact of the ongoing transformation plan of the group.

it is a good sign of improvement of the world economy but it is also linked to the impact of the ongoing transformation plan of the group


As we look across our markets, several positive trends are becoming apparent. First, public sector funding in our Americas design markets is improving.

as we look across our markets several positive trends are becoming apparent first public sector funding in our americas design markets is improving


Our consumers are doing more than ever before on our platforms, and our partners are using more products and buying more services from us than ever before.

our consumers are doing more than ever before on our platforms and our partners are using more products and buying more services from us than ever before


As a reminder, we do not expect to have any material marketing spend associated with customers added through this service for time being

as a reminder we do not expect to have any material marketing spend associated with customers added through this service for the time being


For renewable generation, also a relevant increase because of new capacities that came into operation as well as

for renewable generation also a relevant increase because of new capacities that came into operation as well as


it has an architecture where it runs partly on-premise, and that's one of the reasons it's able to do everything that it can do from an integration layer.

it has an architecture where it runs partly on-premise and that's one of the reasons it's able to do everything that it can do from an integration layer


that you reached last night to other -- to the rest of the shareholders? We have material change reports, I think, Michael, that need to be filed. And so as we make sure we're

that you reached last night to other -- to the rest of the shareholders we have material change reports i think michael that need to be filed and so as we make sure we're


Is it the goal and expectation that share count can start now to go down as the impact from higher stock prices becomes a little less?

is it the goal and expectation that that share count can start now to go down as the impact from higher stock prices becomes a little less


budget money there to outfit the car with an in-car camera and to allocate money towards the back end. And so

budget money there to outfit the car with an in-car camera and to allocate money towards the back end and so we


Got it. Okay. And can you just give us the puts and takes? I mean, I know the Pennsylvania rate increase, I know the environmental cost recovery rider in

got it okay and can you just give us the puts and takes i mean i know the pennsylvania rate increase i know the environmental cost recovery rider


The fourth quarter RevPAR growth is expected to moderate somewhat from the third quarter as group booking patterns are less robust towards the end of the year.

the fourth quarter revpar growth is expected to moderate somewhat from the third quarter as group booking patterns are less robust towards the end of the year


And then we also keep an eye on our liquidity and overall capitalization of bank agreements, our leverage ratio to make sure that we're being prudent

and then we also keep an eye on our liquidity and overall capitalization our bank agreements our leverage ratio to make sure that we're being prudent


As always, our closings are led by a designated quality assurance associate to independently explain the contractual terms of each transaction.

as always our closings are led by a designated quality assurance associate to independently explain the contractual terms of each transaction


But we will have to add capacity in Asia to continue to grow. Our outlook right now for both of those products is that they are getting tight.

but we will have to add capacity in asia to continue the growth our outlook right now for both those products is that they are getting tight


Last, we must have the capacity to analyze and transform the data that our business generates into information

but we must have the capacity to analyze and transform the data that our business generates into information


It's a growing and an exciting opportunity for us but one that we are being patient with. We want to make sure we have the right partner or partners depending on how we do it,

it's a growing and exciting opportunity for us but one that we are being patient with we want to make sure we have the right partner or partners depending on how we do it


the good side of our testing is we're learning a lot. The challenge to it is it's a little bit of up and down for our guests who have seen us come in and out of the various platforms.

the good side of our testing is we're learning a lot the challenge to it is it's a little bit of up and down for our guests who have seen us come in and out of deferris platform


His experience in driving enterprise-type sales with long sales cycles over the finish line while closely partnering with all key stakeholders will serve us well.

his experience in driving enterprise-type sales with long sales cycles over the finish line while closely partnering with all key stakeholders will serve us well


Asia has been very strong, was up already last year as you see up again this year. And really the 2 engines for us in Asia are China and Japan,

asia has been very strong was up already last year as you see up again this year and really the 2 engines for us in asia are china and japan


of 2018. We're working with a strong sense of urgency and the need for speed, but we also recognize how critical it is

of 2018 we're working with a strong sense of urgency and the need for speed but we also recognize how critical it is


We work very well with growth, profitability and investing back in the business. And I think that we are demonstrating that we are doing it in a very responsible way.

will work very well with growth stability and investing back in the business and i think that we are demonstrating that we are doing it in a very responsible way


and we also have some new initiatives to drive relationship in core checking. And I would say, this quarter was one of the first quarters where we had loan growth

and we also have some new initiatives to drive relationship and core checking and i would say this quarter was one of the first quarters where we had loan growth


what their concerns are because I think we have -- the most important issue is the industrial logic and the industrial rationale remains very strong

what their concerns are because i think we have -- the most important issue is the industrial logic and the industrial rational remains very strong


Due to the planned acquisition of WIL Research and our goal to quickly repay debt, cash flow generation has become an ever-greater focus for us.

due to the planned acquisition of world research and our goal to quickly repay debt cash flow generation has become an ever greater focus for us


as is evidenced by the recent parliamentary hearings and in us maintaining our level 2BE status under the FSE codes for eight consecutive years,

as is evidenced by the recent parliamentary hearings and in us maintaining our level 2 bee status under the ffc codes for 8 consecutive years


And then, of course, how many come in with digitized family history, how much phenotypic information have we collected, either directly from their medical record or as a part of the ordering process,

and then of course how many come in with digitized family history how much phenotypic information have we collected either directly from their medical record or as a part of the ordering process


The changes we made to our deposit rates late in the quarter were geared at bringing our prices closer to the competitive set and included an element of catchup.

the changes we made to our deposit rates late in the quarter were geared at bringing our prices closer to the competitive set and included an element of catch-up


Now let's move on to results, and I will make some additional remarks on this topic at the end of my presentation.

now let's move on the results and i will make some additional remarks on this topic at the end of my presentation


Our expectation is that each of these markets will perform at a high level, produce results consistent with our existing communities and will be accretive to our operations.

our expectation is that each of these markets will perform at a high level produce results consistent with our existing communities and will be accretive to our operations